§ 34-1-132 — Liability of mortgagee for failing to discharge; damage limitations; definition

(a) A mortgagee shall, within thirty (30) days after
having received by certified or registered mail a request in
writing for the discharge or release of a mortgage, execute and
acknowledge a certificate or deed of discharge or release of the
mortgage if there has been full performance of the condition of
the mortgage and if there is no other written agreement between
the mortgagee and mortgagor encumbering the property subject to
the mortgage.
(b) A mortgagee who fails or refuses to discharge or
release a mortgage within the thirty (30) day period required by
subsection (a) of this section is liable to the mortgagor or his
assignees for:
(i) All actual damages resulting from the mortgagee's
failure or refusal to discharge or release the mortgage; and
(ii) Special damages in the amount of one-tenth of
one percent (.10%) of the original principal amount of the
mortgage for each additional day after the thirty (30) day
period until the mortgage is released or discharged. Special
damages authorized by this paragraph shall not exceed one
hundred dollars ($100.00) per day.
(c) Notwithstanding any assignment of the mortgage, the
mortgagee of record is liable for the damages specified in
subsection (b) of this section unless, within sixty (60) days
after receipt of the request for discharge or release as
provided by subsection (a) of this section, he furnishes to the
person making the request the name and address of the current
assignee or holder of the mortgage who has legal authority to
execute the discharge or release.
(d) As used in this section "mortgagee" means the
mortgagee named in the original mortgage or, if assigned, the
current holder of the mortgage or the servicing agent for the
current holder of the mortgage.